NBCC IPO subscribed 19%; Godrej Prop share sale fully covered
Amid uproar over the allocation of 155 coal acreages between 2004 and 2009 to some 100 companies, NDTV talks to chairman and managing director of NTPC, Arup Roy Choudhury about the scam and future plans of the power producer.
State-run National Buildings Construction Corporation's initial public offer was subscribed 19 per cent on the first day of the issue Thursday.
The IPO, which closes on March 27, attracted bids for about 22.64 lakh shares, creating demand worth over Rs 24 crore, by 1700 hrs.
The government expects to raise about Rs 120 crore through the issue of 1.2 crore shares. The price band has been fixed at Rs 90-106 per share.
"We advise the investors to subscribe the issue because of higher return on equity and consistent but steady revenue growth," Keynote Capitals Institutional Research said in a report.
NBCC provides project management consultancy services for construction projects, civil infrastructure for power sector and real estate development.
NBCC is the government's third disinvestment candidate in the current fiscal, after Power Finance Corp and ONGC.
Besides, real estate developer Godrej Properties' share sale through an institutional placement programme (IPP) was fully covered on Thursday.
Godrej Properties is selling a total of 74,42,555 shares through the IPP. By 1700 hrs, the offer had attracted bids for over 86.96 lakh shares.
Godrej has set the price band at Rs 575 to Rs 620 per share for the sale.
